S&P gives Hoag Memorial, Calif., bonds AA/A-1+

Standard & Poor's said it assigned its AA/A-1+ dual rating to the City of Newport Beach, Calif.'s $70.3 million of bonds, series 2008 C, issued on behalf of Hoag Memorial Hospital Presbyterian.

At the same time, S&P said it assigned its AA long-term rating to the $66.5 million of series 2008A and $65.3 million of series 2008B annual mandatory tender revenue bonds.

In addition, S&P said it assigned its AA underlying rating to the $80 million of series 2008D, $80 million of series 2008E and the $90 million of series 2008F variable-rate demand bonds.

S&P said it also affirmed its AA underlying rating on the series 2007 A, B and C revenue bonds, which will be refunded by the series 2008D, E and F bonds.

Finally, S&P said it affirmed its AA underlying rating on the $173 million 2007 series D and E bonds.

The outlook is stable.

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